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Update | October 23, 2026, 19:45 ISTReliance Industries' digital services arm Jio Platforms' ₹30,213 Cr IPO was subscribed 22.19X on the third and final day of bidding, with investors bidding for 438.26 Cr shares against 19.75 Cr shares on offer, according to BSE data.

<nh-chunk-delimit />Qualified institutional buyers (QIBs) led demand, subscribing their allotted portion 70.55X, with bids for 345.76 Cr shares against 4.90 Cr shares reserved for the category.The non-institutional investor (NII) portion was subscribed 14X, receiving bids for 51.04 Cr shares against 3.64 Cr shares on offer.Within the NII category, the portion for bids exceeding ₹10 Lakh was subscribed 15.89X, while the segment for bids above ₹2 Lakh and up to ₹10 Lakh was booked 10.22X.The retail investor portion was subscribed 2.72X, with bids for 23.12 Cr shares against 8.50 Cr shares on offer. The employee and shareholder portions were subscribed 2.93X and 7.60X, respectively.Original | October 23, 2026, 12:14 ISTReliance Industries' digital services arm Jio Platforms' IPO was subscribed 6.76X as of 11:48 IST on the third and final day of bidding, with institutional investors continuing to drive demand.Investors bid for 133.51 Cr shares against 19.75 Cr shares on offer, according to BSE subscription data. The overall subscription rose <a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/update+jio+platforms+ipo+ends+day+2+with+557x+subscription+qibs+lead+demand-newsid-n731197649" >from 5.57X at the end of the second day</a>.Qualified institutional buyers (QIBs) subscribed their allotted portion 14.18X, placing bids for 69.49 Cr shares against 4.90 Cr shares reserved for the category.Within the institutional segment, domestic financial institutions, including banks and insurance companies, bid for 34.51 Cr shares, followed by foreign institutional investors at 26.19 Cr shares and mutual funds at 4.36 Cr shares.The non-institutional investors' (NIIs) portion was subscribed 9.17X, receiving bids for 33.44 Cr shares against an allocation of 3.64 Cr shares. Within this category, the portion for bids exceeding ₹10 Lakh was subscribed 10.50X, while that for bids above ₹2 Lakh and up to ₹10 Lakh was booked 6.52X.Retail investors bid for 16.96 Cr shares against 8.50 Cr shares reserved, translating into 1.99X subscription. Meanwhile, the employee and shareholder portions were subscribed 2.46X and 5.59X, respectively.Inside Jio's Mega IPOJio Platforms hasset a price band of ₹1,065-₹1,119 per share for the IPO, which opened on October 21 and closes today. At the upper end, the ₹30,213 Cr (about $3.2 Bn) offering surpasses Hyundai Motor India's ₹27,870 Cr issue to become India's largest IPO and values Jio Platforms at around ₹10.3 Lakh Cr (about $108 Bn).Ahead of the public issue, Jio Platforms raised ₹8,109.8 Cr from anchor investors by allotting about 7.25 Cr shares at ₹1,119 apiece. Participants included HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, BlackRock, the Government of Singapore, and Abu Dhabi Investment Authority.The IPO comprises a fresh issue of up to 27 Cr equity shares, with no offer-for-sale component. Jio plans to use ₹27,500 Cr to prepay certain borrowings of its telecom subsidiary, Reliance Jio Infocomm (RJIL), with the remaining proceeds earmarked for general corporate purposes.The debt repayment makes the offering partly a balance sheet exercise, while its growth prospects depend on expanding beyond telecom connectivity into broadband, cloud services, enterprise solutions, and AI.RJIL had 533.3 Mn customers as of June 30, 2026, while Jio's network carried around 60% of India's wireless data traffic in FY26. Jio Platforms' operating revenue rose nearly 15% YoY to ₹1.47 Lakh Cr in FY26, while net profit increased 15.1% to ₹30,049 Cr.

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[Update] Jio Platforms IPO Subscribed 22.19X On Final Day, QIB Portion Booked 70.55X #DH_SHARE_URL# By Inc42 via Dailyhunt

[Update] Jio Platforms IPO Subscribed 22.19X On Final Day, QIB Portion Booked 70.55X

https://inc42.com/buzz/jio-platforms-ipo-booked-6-76x-on-day-3-so-far-qib-portion-subscribed-14-18x

Ecommerce SaaS company Unicommerce reported a consolidated net profit of ₹6.4 Cr in the September quarter of FY27, up 11% from ₹5.8 Cr in the year-ago quarter.

<nh-chunk-delimit />On a sequential basis, <a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/unicommerce+q1+profit+increases+20+yoy+to+47+cr-newsid-n723183240" >net profit increased 37% from ₹4.7 Cr</a>.Operating revenue grew 15% YoY and QoQ to ₹59.1 Cr during the quarter. Including other income of ₹1.6 Cr, total income stood at ₹60.7 Cr, up 16% from ₹52.2 Cr a year earlier.However, total expenses increased 19% YoY to ₹52.8 Cr, outpacing revenue growth. Net profit growth was supported by a decline in tax expense to ₹1.4 Cr from ₹2 Cr in Q2 FY26. This included a deferred tax credit of ₹1.4 Cr, compared with ₹8.5 Lakh a year earlier.Its adjusted EBITDA for the quarter amounted to ₹10 Cr, indicating a 17% adjusted EBITDA margin. The company said that its profitability had been affected by planned investments in product development, talent, sales and marketing. It expects its profitability to increase in H2 FY27 as &quot;incremental investments moderate&quot;.It added 121 enterprise clients including United Colors of Benetton, Macho, Furlenco, and others during the quarter. It also launched Uniware's second-generation AI product, DNA, enabling customers to automate operational responses and make faster decisions. The company attributed its growth to continued momentum across its Uniware and Shipway businesses. Uniware, its ecommerce order management platform, recorded 14.5% YoY revenue growth, while Shipway grew 15.7%.&ldquo;Uniware&rsquo;s growth trajectory continued to improve, supported by new enterprise additions and increasing adoption of newer modules. Shipway crossed the ₹100 crore annualised revenue run rate milestone, supported by independent customer acquisition and growing cross-sell synergies with Uniware. Our international business also continues to expand profitably,&rdquo; CEO and MD Kapil Makhija said. For context, Unicommerce is owned by Snapdeal. It offers an ecommerce enablement SaaS platform which enables end-to-end management of ecommerce operations for brands, sellers and logistics service provider firms. Notably, Unicommerce and Snapdeal's parent company AceVector recently debuted on the exchanges as well. It raised ₹420 Cr via its IPO, comprising a fresh issue of shares worth ₹287 Cr and an OFS of up to 4.16 Cr shares, worth ₹133 Cr at the issue price. While the IPO saw 4.93X oversubscription, AceVector's stock <a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/update+snapdeal+parent+acevector+ends+market+debut+185+below+issue+price-newsid-n729235590" >debuted at an 18.5% discount to the issue price</a> and has seen a cold reception since, trending downwards. Shares of Unicommerce ended the day 4.58% lower at ₹76.09 apiece on the BSE.

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Unicommerce Q2: Profit Rises 11% YoY To ₹6.4 Cr, Revenue Up 15% #DH_SHARE_URL# By Inc42 via Dailyhunt

Unicommerce Q2: Profit Rises 11% YoY To ₹6.4 Cr, Revenue Up 15%

https://inc42.com/buzz/unicommerce-q2-profit-rises-11-yoy-to-%e2%82%b96-4-cr-revenue-up-15

Streaming giant Netflix recorded its highest-ever quarterly paid net subscriber additions in India in the September quarter of 2026, crediting a strong local content slate and its first transaction-based loyalty bundle with Flipkart.

<nh-chunk-delimit />Revenue in India grew about 18% YoY on a foreign exchange-neutral basis, which excludes the impact of currency movements, Netflix said in its quarterly shareholder letter. Viewing hours rose 24% YoY, while viewing hours per member increased by a low-to-mid single-digit percentage.Netflix did not disclose the number of paid net additions in India or how many came through the Flipkart partnership.During its Q3 earnings call, co-CEO Greg Peters pointed to India as an example of how locally produced titles were translating into higher engagement, membership growth, and revenue.Local Content Drives EngagementLock Upp, Netflix's first daily reality series, recorded more viewing hours in India than any other title on the platform, measured over its first 91 days.The scripted series Musafir Cafe recorded 9 Mn views, while Operation Safed Sagar clocked 11 Mn views.The India performance formed part of broader growth across Asia-Pacific, Latin America, and Europe, the Middle East, and Africa. Peters said local titles in these regions were driving engagement and business growth.He also said Netflix's subscriber retention remained healthy across regions. Globally and in the US, churn - the rate at which subscribers leave the service - improved YoY in Q3 and was lower than the company had forecast.Globally, Netflix reported revenue of $12.87 Bn in Q3 2026, up 12% YoY. Operating income rose 37% to $4.46 Bn, while its operating margin expanded to 34.6% from 28.2% a year earlier.For 2026, Netflix expects revenue of $51.1 Bn, representing 13% YoY growth.Neumann said membership growth, pricing, and advertising were expected to support strong revenue growth in 2027, although the company had yet to issue formal guidance for the year.Netflix also plans to introduce its advertising-supported subscription tier in 15 additional countries in 2027, with the first launches scheduled for March.

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Netflix Credits Flipkart Bundle, Indian Shows For Record Q3 Subscriber Additions #DH_SHARE_URL# By Inc42 via Dailyhunt

Netflix Credits Flipkart Bundle, Indian Shows For Record Q3 Subscriber Additions

https://inc42.com/buzz/netflix-credits-flipkart-bundle-indian-shows-for-record-q3-subscriber-additions

US-based HR tech startup Firstwork has raised $15 Mn (over ₹142 Cr) in a Series A funding round led by Earlybird Venture Capital, as it looks to expand its AI-led workforce automation platform across the US and Europe.

<nh-chunk-delimit />The round also saw participation from Legion VC and Deel Ventures, along with existing investors Gradient and Y Combinator. The latest fundraise takes Firstwork's total funding to $20 Mn since its launch in 2024.The San Francisco-based startup plans to use the fresh capital to expand its teams across applied AI, AI research, engineering and go-to-market functions. Important to highlight that about 80% of the startup's workforce operates from Bengaluru.It also plans to deepen its presence in the US and Europe and extend its AI agents to more workforce operations.Founded by ex-Deel executives Vardhan Kapoor and Shubham Choudhary, Firstwork uses AI agents to automate HR operations pertaining to frontline workers. These include document verification, background and right-to-work checks, onboarding, training coordination, compliance management and worker follow-ups.The startup's platform integrates within existing HR systems, allowing employers to automate workflows without replacing their existing software.According to Firstwork, more than 1.50 Lakh frontline workers start work through its platform every month. It claims that its platform has helped these customers cut the time spent by workers and HR teams on each new hire by up to 90%. Its clientele features the likes of Deel, Job&amp;Talent, Relay, Wonolo and BGSF. AI is seeing a broad band adoption in the human resource function and is rechanging the face of enterprise tech globally. While Firstwork is primarily targeting the global market, the Indian is projected to double in value to $2.3 Bn by 2033 from $1.12 Bn in 2024.Leveraging AI, several Indian startups are building solutions to capture this booming market. For instance, Bengaluru-based Hunar.AI, which raised ₹40 Cr earlier this week, is using conversational AI agents to automate gig-worker hiring, onboarding, training and employee retention. Its clients include Swiggy, Zepto, Croma, Starbucks and Dr Lal PathLabs.Hyderabad-based TurboHire also raised $6 Mn in a Series A round led by IvyCap Ventures in August 2025 to scale its agentic AI-based recruitment platform. Founded in 2019, the startup automates enterprise hiring workflows and claims to have onboarded more than 120 enterprises, including Cipla, Tata Motors, PwC, Lenskart and Britannia.Other players operating in adjacent segments include TraqCheck, which offers AI-powered background verification and recruitment agents, and HireBound, which automates candidate sourcing, screening and evaluation, competes with Firstwork

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Y Combinator-Backed Firstwork Nets $15 Mn To Expand Footprint Across US And Europe #DH_SHARE_URL# By Inc42 via Dailyhunt

Y Combinator-Backed Firstwork Nets $15 Mn To Expand Footprint Across US And Europe

https://inc42.com/buzz/y-combinator-backed-firstwork-nets-15-mn-to-expand-footprint-across-us-and-europe

Update | October 23, 2026, 16:40 ISTDefence tech company Tonbo Imaging's shares closed their debut session at ₹1,133.65 on the BSE, 61.95% above their issue price of ₹700 but 2.44% below their listing price of ₹1,162. On the NSE, the stock closed at ₹1,133.80, a 61.97% premium to its issue price and 2.26% below its listing price of ₹1,160. During the session, shares touched highs of ₹1,209.85 on the BSE and ₹1,211 on the NSE, representing gains of 72.84% and 73%, respectively, over the issue price.

<nh-chunk-delimit />At the BSE closing price, Tonbo Imaging's market capitalisation stood at ₹6,493.79 Cr ($684.1 Mn). Original | October 23, 2026, 10:00 ISTDefence tech company Tonbo Imaging made a strong stock market debut, listing at ₹1,162 on the BSE, a 66% premium to its issue price of ₹700 per share.On the NSE, the stock debuted at ₹1,160, translating into a listing gain of 65.71%. The company commanded a market capitalisation of ₹6,656.18 Cr (about $701.3 Mn) on the BSE at its listing price.The debut followed strong investor demand for Tonbo's ₹852 Cr IPO, which was open for subscription from October 15 to October 19 at a price band of ₹665-₹700 per share.<a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/update+tonbo+imaging+ipo+closes+with+1359x+oversubscription-newsid-n730890253" >The public issue was subscribed 135.9X</a>, attracting bids for 115.87 Cr shares against the 85.26 Lakh shares on offer. The IPO comprised entirely an offer for sale (OFS) of around 1.22 Cr shares by existing shareholders, with no fresh issue component. Consequently, Tonbo will receive no proceeds from the public offering. Tonbo's cofounders Arvind Lakshmikumar, Ankit Kumar, and Cecilia D'Souza collectively<a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/tonbo+imaging+cofounders+rake+in+137+cr+from+ipo-newsid-n731236523" >pocketed ₹137.2 Cr by selling shares through the IPO</a>, with Lakshmikumar accounting for ₹80.5 Cr of the proceeds.Ahead of the bidding, the company secured ₹255.4 Cr from anchor investors, allotting 36.5 Lakh shares to 43 investors at ₹700 apiece. Participants included SBI Mutual Fund, Goldman Sachs, BlackRock, and WhiteOak Capital.Inside Tonbo's Defence BusinessTonbo was bought out from Sarnoff Corporation in 2012 by promoters and cofounders Arvind Lakshmikumar, Ankit Kumar, and Cecilia D'Souza. It subsequently pivoted from research and technology development services to designing advanced imaging and sensor systems for military applications.Its portfolio includes thermal imaging systems, weapon sights, fire-control systems, and missile seekers used for surveillance, reconnaissance, and targeting. The startup handles prototype development, system integration, and qualification testing in-house, while outsourcing manufacturing to partners including Kaynes Technology and Avalon Technology.The strong listing comes despite a decline in Tonbo's FY26 financial performance. Operating revenue fell 22.7% YoY to ₹362.6 Cr from ₹469.1 Cr, while net profit declined about 30% to ₹50.8 Cr from ₹72.8 Cr.In Q1 FY27, the startup reported a net loss of ₹17.7 Cr on operating revenue of ₹36 Cr. Speaking to Inc42, <a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/tonbo+imaging+ipo+gets+a+strong+start+but+does+growth+justify+its+valuation-newsid-n730645055" >CEO Lakshmikumar attributed the FY26 revenue decline to delays in executing international programmes</a>, which pushed deliveries into FY27.

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[Update] Tonbo Imaging Shares End Debut Session At 62% Premium To IPO Price #DH_SHARE_URL# By Inc42 via Dailyhunt

[Update] Tonbo Imaging Shares End Debut Session At 62% Premium To IPO Price

https://inc42.com/buzz/tonbo-imaging-makes-strong-market-debut-lists-at-66-premium-to-ipo-price

Update | October 23, 16:55 ISTShares of Ola Electric ended the day 6.39% lower at ₹29.90 apiece on the BSE today, while its market capitalisation stood at ₹14,946.06 Cr ($1.58 Bn).

<nh-chunk-delimit /> The company's shares are now trading 61% below its listing price of ₹76. <hr></hr>Original | October 23, 14:31 ISTShares of electric two-wheeler maker Ola Electric crashed as much as 7.6% to hit an intraday low about ₹29 on the BSE today (October 23) after a bearish outlook from Goldman Sachs. A day after the company opened its ₹1,000 Cr rights issue, Goldman Sachs downgraded its outlook on Ola Electric to &quot;Sell&quot;. The brokerage slashed the stock's price target to ₹23.It foresees a challenging path for Ola Electric to become cash flow positive given the relatively high interest cost and capex needs of the cell and E2W business.It also cut the EV maker's top line growth projections by up to 10% for the period FY27-29.The bearish momentum comes a day after Ola Electric opened its rights issue for bidding. Within hours of opening the issue, Motilal Oswal and Calliope Capital Advisors applied for a combined 2.39 Cr shares against entitlements transferred by two promoter group entities - ANI Technologies and Indus Trust. Founder and CMD Bhavish Aggarwal pledged a 4.32% stake in the electric two-wheeler maker to fund his participation in the company's proposed rights issue of up to ₹1,000 Cr.Ola Electric plans to use the proceeds from its ₹1,000 Cr rights issue primarily to reduce debt and fund business expansion as it looks to strengthen its financial position and move towards cash-flow breakeven. Of the total proceeds, ₹350 Cr has been earmarked for the repayment or prepayment of borrowings, including accrued interest and applicable penalties, while ₹400 Cr will be invested in organic growth across its electric mobility and energy storage businesses. Ola Electric is yet to report its second quarter earnings results. As of Q1 FY27, the company trimmed its net loss by 22% to ₹336 Cr from ₹428 Cr in the year-ago quarter. Operating revenue declined 45% to ₹455 Cr from ₹828 Cr in Q1 FY26. As of 13:52 IST, the stock was down 6.57% at ₹29.87 per share on the BSE, while its market capitalisation stood at ₹14,931.06 Cr ($1.57 Bn).If losses hold, this would be the sixth straight session of the stock ending in red. In the past one month, the stock has lost over 20% in value.

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Ola Electric Slides Over 7% After Bearish Call From Goldman Sachs #DH_SHARE_URL# By Inc42 via Dailyhunt

Ola Electric Slides Over 7% After Bearish Call From Goldman Sachs

https://inc42.com/buzz/ola-electric-slides-over-7-after-bearish-call-from-goldman-sachs

Chennai-based dronetech startup Garuda Aerospace reported a net profit of ₹25.9 Cr in FY26, growing 41.1% from ₹18.4 Cr from the previous fiscal year.

<nh-chunk-delimit />In terms of operational profitability, the drone maker's EBITA for the fiscal year jumped 31.8% to ₹35.1 Cr in FY26 from ₹26.6 Cr in the FY25. Operating revenue surged 66.8% YoY to ₹206 Cr during the fiscal under review from ₹123.5 Cr in the previous year. Sales of drones and drone parts brought in ₹99.4 Cr to the top line while the remaining ₹106.5 Cr via sale of services. Another ₹15 Lakh was earned from delivery charges. Including other income of ₹26.5 Lakh, total income for the fiscal stood at ₹206.2 Cr.&quot;During the year, we continued to strengthen our manufacturing capabilities, expand our Drone-as-a-Service (DaaS) operations, deepen our investment in indigenous research and development, and build strategic partnerships in India and international markets. We also advanced our capabilities in artificial intelligence, autonomous flight, data analytics, defence systems and specialised mission platforms,&quot; cofounder and whole-time director Agnishwar Jayaprakash noted in a message to shareholders. <img alt=" " rich-src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/c1/0a/34/c10a345019b803c64bac782666ac3a6741c40a74ea9f1c27907f94f487f7d4c5.webp" src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/c1/0a/34/c10a345019b803c64bac782666ac3a6741c40a74ea9f1c27907f94f487f7d4c5.webp" width="100%" stopImageLoad="false" style="padding:0 0%; margin:4px 0px;" ></img>The improvement in the financial performance comes as Garuda's proposed public listing plans take shape. The startup took the pre-filing route to confidentially submit its draft IPO papers with the SEBI earlier in April. The IPO was greenlit by the markets regulator in August. While the startup is yet to file its updated DRHP for public access, its board approved plans to raise up to ₹750 Cr via the fresh issue component of the proposed IPO back in March. As per reports, the OFS component could result in investors offloading shares worth as much as ₹250 Cr.In its annual report for FY26, the startup disclosed that its board of directors had approved a private placement of equity shares worth ₹57.2 Cr back in August. Investors who backed the startup were Umasankar Nistala, Rakesh Pillai, Jitendra Rana, Vimaan Innovators LLP and Aditum Management.The proceeds of the issue would fuel business growth, working capital requirements, and be used for loan repayments. The startup claims to have become India's largest drone maker, having manufactured and sold over 3000 drones. It also claimed to be the first drone company to partner with three defence PSUs. It has raised a total funding of over $37 Mn to date from investors like Venture Catalysts, We Founder Circle, cricketer Mahendra Singh Dhoni, among others. It was last valued at $250 Mn after raising a $11 Mn Series B funding round led by Venture Catalysts. Where Did Garuda Aerospace Spend In FY26?Garuda Aerospace's total expenses in FY26 rose 73.2% YoY to ₹172.2 Cr from ₹99.4 Cr in FY25. It reported no exceptional items during the fiscal but bore ₹8.2 Cr tax expenses.Here are the main operational expenses of the startup:<ul><li>Cost of Materials Consumed: Representing the largest operational expense, raw material costs surged 61.5% YoY to ₹116.8 Cr from ₹72.3 Cr in FY25.</li><li>Impairment Losses on Financial Assets: Impairment losses amounted to ₹11.1 Cr in FY26, compared to ₹6.5 Lakh in the year-ago period. </li><li>Employee Benefit Expenses: Garuda Aerospace's personnel-related costs decreased 16.7% YoY to ₹8 Cr in FY26 from ₹9.6 Cr in the previous year. </li><li>Depreciation And Amortisation Expenses: The cost recorded under this line item increased 13.3% YoY to ₹4.1 Cr in FY26 from ₹3.6 Cr in FY25. </li><li>Other Expenses: Spending on items like professional expenses, travel, maintenance, rent, and other corporate overheads stayed nearly flat at ₹29.2 Cr. </li></ul>

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IPO-Bound Garuda Aerospace's FY26 Profit Jumps 41% To ₹25.9 Cr #DH_SHARE_URL# By Inc42 via Dailyhunt

IPO-Bound Garuda Aerospace's FY26 Profit Jumps 41% To ₹25.9 Cr

https://inc42.com/buzz/ipo-bound-garuda-aerospaces-fy26-profit-jumps-41-to-%e2%82%b925-9-cr

Messaging platforms including WhatsApp and Telegram are reportedly set to implement the Department of Telecommunications' (DoT) SIM-binding mandate from January 1, 2027, requiring their services to remain linked to the active SIM associated with a user's registered mobile number.

<nh-chunk-delimit />According to a Times of India report, platforms must complete implementation by December 31, 2026, ahead of the reported operational start date the following day. The requirement could affect users who access messaging apps on phones without the associated SIM. The mandate stems from directions issued by the DoT in November last year under the Telecom Cyber Security Rules, 2024. The original directions named WhatsApp, Telegram, Signal, Snapchat, Arattai, ShareChat, Josh, and JioChat. The department said some app-based communication services continued to function without the SIM associated with the registered mobile number being present in the device. According to the DoT, this allowed fraudsters operating from outside India to misuse Indian mobile numbers. SIM binding requires covered services to remain continuously linked to the associated active SIM, rather than relying solely on verification when an account is first set up. The government said the measure was intended to improve traceability and curb phishing, digital arrest, impersonation, and investment scams. The original directions gave platforms 90 days to implement the measures and 120 days to submit compliance reports. However, the government subsequently specified December 31, 2026, as the compliance deadline for SIM binding.Platforms Prepare For ComplianceAccording to a CNBC report, Apple has updated its iOS software to support the SIM-binding requirements ahead of the implementation deadline.WhatsApp and Arattai have confirmed that they are working to comply with the rules. Telegram is yet to clarify on its compliance status, while Signal has not responded to government notices, CNBC reported.Snapchat has reportedly maintained that the mandate does not apply to its service because it does not use phone numbers to identify users.Questions also remain about how individual platforms will support eSIM users. CNBC reported that WhatsApp and Telegram would require a physical SIM card to function, although the precise requirements for eSIM users have not been clarified.The mandate could affect users who access messaging apps over Wi-Fi on phones without their registered SIM, as well as those who frequently switch SIMs. Its impact on access across multiple devices will depend on individual platforms' implementation. However, the DoT has clarified that international roaming will not be affected as long as the associated SIM remains in the handset.The implementation push comes amid concerns over cyber fraud in India. According to data sourced from the home ministry, Indians lost ₹22,495 Cr to cyber fraud in 2025 compared with ₹22,845 Cr in 2024.In June, the National Human Rights Commission (NHRC) said Indians had lost around ₹52,976 Cr to cyber-enabled fraud over the past six years, with nearly 8% of the losses linked to digital arrest scams.Speaking at the India Mobile Congress 2026, Prime Minister Narendra Modi called on global technology companies, financial institutions, and telecom operators to work together to build a comprehensive framework to tackle cyber fraud and deepfakes.&quot;At a time when telecom and digital technology have become so important, it is equally important to make the security framework associated with it ironclad. It is our priority to secure mobile phones and networks,&quot; Modi said, adding that trust was crucial for people using phones to communicate and make payments.

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WhatsApp, Telegram SIM-Binding Mandate To Take Effect From January 1: Report #DH_SHARE_URL# By Inc42 via Dailyhunt

WhatsApp, Telegram SIM-Binding Mandate To Take Effect From January 1: Report

https://inc42.com/buzz/whatsapp-telegram-sim-binding-mandate-to-take-effect-from-january-1-report

A month after raising $85 Mn, e-bike maker Ultraviolette has unveiled its new motorcycle, X-47 Venom powered by its new VX-100 100V platform.

<nh-chunk-delimit />The motorcycle has been launched at an introductory price of ₹2.65 Lakh, applicable to the first 5,000 customers. Bookings opened on October 22. Deliveries are expected to commence in November 2026, the startup said in a press release.The X-47 Venom is the first motorcycle built on Ultraviolette's new VX-100 architecture. It combines the platform with its new UV LIGHTFURY electric motor and SRB-11 battery technology. It has peak power of 30 kW (39 bhp) and a 550 Nm of wheel torque. The Ultraviolette X-47 Venom is built to have a top speed of 155 kmph.The motorcycle offers a claimed Indian Driving Cycle (IDC) range of 343 km. It can accelerate from 0 to 100 kmph in 5.9 seconds and has a kerb weight of 180 kg, making it up to 20 kg lighter than the previous-generation platform.Ultraviolette Introduces New VX-100 PlatformThe VX-100 is a new electrical architecture designed to improve energy efficiency, thermal management and charging speeds across Ultraviolette's product portfolio.The platform incorporates SRB-11 battery technology, which the startup claims offers up to 20% higher energy density and twice the cooling performance. Its thermal management system is designed to dissipate heat up to 50% faster, while the battery pack features a cast-aluminium housing and IP67 protection against dust and water ingress.The motorcycle also features a new motor control unit that is twice as compact and delivers three times the power density, according to the company.&quot;The X-47 Venom reflects our approach to engineering the entire motorcycle as one integrated system,&quot; Ultraviolette cofounder and CTO Niraj Rajmohan said.He added that the modular architecture would allow the company to extend these technologies across future products as it expands its portfolio and global presence.The bike adds to Ultraviolette's portfolio of high-end, speed focused EV bikes. Ultraviolette&rsquo;s flagship electric motorcycle lineup is currently anchored by the Ultraviolette F77 MACH 2 and F77 SuperStreet series. The startup is eyeing entry into the EV scooter segment soon, with production of e-scooter Tesseract as well as e-bike Shockwave expected to commence over the next few months.Recently, the <a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/update+ultraviolette+raises+85+mn+to+scale+ev+production-newsid-n726515917" >electric two-wheeler startup raised $85 Mn</a> (about ₹813 Cr) in a Series E round co-led by Yali Capital and TDK Ventures, to expand its manufacturing capacity and product portfolio, as well as strengthen its distribution network in India and overseas.The startup is bolstering its manufacturing capabilities and plans to invest more than ₹1,000 Cr over the next five years to expand its manufacturing footprint. Its upcoming BIGGA Factory is set to take its annual production capacity to as much as 2.5 Lakh vehicles in the initial phase.Ultraviolette currently has an installed capacity of around 30,000 vehicles annually at its Bengaluru facility, which is being expanded to 50,000-60,000 units. The plant will continue to serve as a manufacturing, engineering and technology hub after the BIGGA Factory comes online.It is also targeting international markets, with exports expected to account for around 25% of revenue over the next five years.

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Ultraviolette Launches New E-Bike X-47 Venom With A ₹2.65 Lakh Price Tag #DH_SHARE_URL# By Inc42 via Dailyhunt

Ultraviolette Launches New E-Bike X-47 Venom With A ₹2.65 Lakh Price Tag

https://inc42.com/buzz/ultraviolette-launches-new-e-bike-x-47-venom-with-a-%e2%82%b92-65-lakh-price-tag

Crypto exchange CoinDCX has acknowledged operational losses after a process meant to secure deposits sent to old, compromised wallet addresses failed, while denying a breach of its active wallets.

<nh-chunk-delimit />In a post on X, the exchange said some users continued depositing crypto into addresses compromised during the July 2025 security incident, despite notifications asking them to use updated addresses available on its app and website.CoinDCX said it regularly &quot;sweeps&quot; deposits sent to these discontinued addresses, moving the funds so they can be accounted for and secured. However, this process failed for a period, with the failure identified on the morning of its update.&quot;This failure led to some operational losses, which were absorbed by CoinDCX,&quot; the exchange said.The company did not disclose the amount lost or how long the process had failed. It said all affected users' crypto deposits had been credited, including those sent to the discontinued addresses.CoinDCX maintained that customer assets remained in segregated cold wallets and that its current central and user wallet addresses were unaffected. It also said no funds from active wallets had been compromised and that trading continued as usual.Denial Followed By DisclosureThe update followed an earlier statement in which CoinDCX described claims circulating on X about certain wallet addresses and transactions as misleading.Among these was a post by blockchain investigator Darcy, who flagged transfers of around $16 Mn worth of cryptocurrency from wallets linked to CoinDCX to another wallet.According to the investigator, the funds were subsequently split across multiple addresses and routed to deposit addresses on exchanges including Binance, OKX, and Gate. CoinDCX has not confirmed whether these amounts correspond to the operational losses it disclosed.In its initial response, the exchange said the flagged addresses had been created in January 2025, compromised during the July 2025 hack, and had not been used by CoinDCX since.Cofounder and CEO Sumit Gupta separately denied a fresh wallet breach, saying hackers appeared to be reusing the compromised addresses.Gupta said the exchange had checked its current central and user wallet addresses and found that none had transferred funds to the old addresses in question. He added that the team was investigating further.The subsequent company update acknowledged that users had continued sending deposits to the discontinued addresses and that its process for securing those deposits had failed.CoinDCX had lost around $44 Mn in a cyberattack in July 2025, when an internal operational account used to provide liquidity on a partner exchange was compromised.At the time, the exchange said the stolen assets belonged to its treasury, customer funds were unaffected, and it would absorb the losses. It subsequently launched a recovery bounty programme to help trace and recover the stolen assets.

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CoinDCX Admits Losses From Old Wallet Deposits, Denies Breach Of Active Wallets #DH_SHARE_URL# By Inc42 via Dailyhunt

CoinDCX Admits Losses From Old Wallet Deposits, Denies Breach Of Active Wallets

https://inc42.com/buzz/coindcx-admits-losses-from-old-wallet-deposits-denies-breach-of-active-wallets

Update| October 23, 2026, 16:32 ISTShares of Swiggy ended today trading session 16.3% lower at ₹176.70 apiece on the BSE. Its market capitalisation stood at ₹48,774.7 Cr (about $5.1 Bn).

<nh-chunk-delimit />Notably, shares of the foodtech major have slipped 54.69% below their IPO price of ₹390. The stock listed on the exchanges in November 2024.Original| October 23, 2026 11:52 ISTFoodtech major Swiggy's shares plunged as much as 17.23% to a 52-week low of ₹174.90 on the BSE today, a day after its Q2 FY27 results showed widening losses at quick commerce arm Instamart.The stock pared some losses to trade at ₹181.50, down 14.10%, at 11:21 IST. Its market capitalisation stood at ₹50,099.69 Cr (about $5.2 Bn) at that time.Several brokerages lowered their price targets following the results, citing higher-than-expected quick commerce losses and concerns over Instamart's growth and execution. However, most retained their existing ratings.Swiggy's consolidated net loss narrowed 16% YoY to ₹922 Cr in Q2 FY27 but widened 17% from ₹791 Cr in the preceding quarter. Operating revenue rose 36% YoY to ₹7,571 Cr.Instamart's adjusted EBITDA loss increased to ₹895 Cr from ₹849 Cr a year earlier and ₹778 Cr in Q1 FY27, offsetting an improvement in food delivery profitability.Brokerages Lower Price TargetsCiti retained its 'Buy' rating but cut its target price to ₹330. It highlighted 18% YoY growth in food delivery gross order value (GOV), alongside margin improvements of 60 basis points YoY and 30 basis points QoQ. However, Instamart's net order value (NOV) grew around 13% sequentially, below its estimate of 16%, while losses exceeded expectations.CLSA retained its 'Outperform' rating but lowered its target price to ₹262. It said Instamart's 13.4% sequential NOV growth fell short of expectations, while losses were higher than anticipated. The brokerage flagged a widening gap between Swiggy and Eternal in growth and profitability, adding that Instamart needs to deliver consistent improvements to rebuild investor confidence.Nomura retained its 'Buy' rating but cut its target price to ₹300. It expects Swiggy's food delivery business to generate ₹1,300 Cr to ₹1,900 Cr in EBITDA across FY27 and FY28. However, it said quick commerce execution continued to disappoint. The brokerage values food delivery at 40 times its estimated FY28 EBITDA and assigns no value to quick commerce or Swiggy's cash balances. Jefferies retained its 'Buy' rating but lowered its target price to ₹330. While food delivery revenue and EBITDA met expectations, it said reducing quick commerce losses remains critical. UBS maintained its 'Buy' rating and ₹375 target price despite describing the results as weaker than expected. Food delivery performed in line with estimates, but quick commerce losses exceeded expectations. It nevertheless noted early signs of a recovery in growth.HSBC maintained its 'Hold' rating but cut its target price to ₹240 from ₹315. It said improvements in Instamart's operating metrics were insufficient to build confidence in Swiggy's long-term plans, while flagging food delivery market share losses and intensifying competition.Macquarie maintained its 'Underperform' rating with a target price of ₹230, citing negative cash flow and intense competition. It said continued spending on pricing and network expansion, alongside monetisation pressures, could delay profitability.Bank of America retained its 'Neutral' rating but cut its target price to ₹245 from ₹275. It noted that Swiggy's food delivery GOV grew 18% YoY, compared with Zomato's 21.5%. The brokerage also flagged potential cannibalisation of Swiggy's main food delivery business by its affordable-meals offering Toing, adding that Blinkit's performance was increasing pressure on Instamart to demonstrate a path to profitability.Instamart's Profitability RoadmapInstamart reported operating revenue of ₹1,306 Cr in Q2 FY27, up 33% YoY and 6% QoQ. Its segment loss widened to ₹764 Cr from ₹739 Cr a year earlier and ₹651 Cr in the preceding quarter.Despite the increase in absolute adjusted EBITDA losses, its adjusted EBITDA margin improved marginally to -9.7% of GOV from -9.8% in Q1 FY27.Swiggy said it believes Instamart's adjusted EBITDA losses peaked in Q2 FY27. It expects double-digit sequential NOV growth in Q3 FY27, alongside an improvement of around 100 basis points in adjusted EBITDA margin.Instamart added 1.3 Mn average monthly transacting users during the quarter, taking the total to 14.8 Mn. Orders rose 29% YoY to 130.3 Mn, while net average order value increased 4% to ₹506.The platform added 69 dark stores, expanding its network to 1,240 stores across 133 cities.Swiggy also<a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/swiggy+to+begin+instamart+inventory+model+transition+eyes+pivot+within+three+quarters-newsid-n731267819" > plans to begin shifting Instamart to an inventory-led model by mid-Q3 FY27</a>, with the transition expected to take two to three quarters. Under this model, the business will own the inventory it sells.Swiggy expects the transition to improve Instamart's contribution margin by around 80 basis points and shorten its working capital cycle by eight to 10 days.Meanwhile, food delivery operating revenue rose 22% YoY to ₹2,338 Cr, while segment profit increased 39% to ₹349 Cr.&quot;Our food delivery business delivered its highest ever profits and margins while we continue to unlock new category growth through Toing, our standalone offering for affordable meals,&quot; Swiggy cofounder, MD and group CEO Sriharsha Majety said.

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Swiggy Shares Plunge 17% To 52-Week Low After Q2, Brokerages Cut Price Targets #DH_SHARE_URL# By Inc42 via Dailyhunt

Swiggy Shares Plunge 17% To 52-Week Low After Q2, Brokerages Cut Price Targets

https://inc42.com/buzz/swiggy-shares-plunge-17-to-52-week-low-after-q2-brokerages-cut-price-targets

Swiggy's Sweet And Sour Q2Swiggy had a mixed quarter in Q2 FY27. While its food delivery business delivered record profits and margins, rising investments in Instamart and newer businesses continued to stifle its bottom line.

<nh-chunk-delimit />Here&rsquo;s a quick glance at the foodtech major's Q2 FY27 numbers:<ul><li>Net loss narrowed 16% YoY to ₹922 Cr but widened 16% QoQ</li><li>Operating revenue climbed 36% YoY to ₹7,571 Cr</li><li>Adjusted EBITDA loss widened to ₹760 Cr from ₹695 Cr a year earlier</li><li>Gross order value (GOV) rose 25% YoY to ₹20,793 Cr</li></ul>Instamart's Burn Continues: Swiggy&rsquo;s quick commerce expansion continued to put pressure on its bottom line despite its operating revenue jumping 33% YoY to ₹1,306 Cr. However, its adjusted EBITDA loss widened to ₹895 Cr, as Swiggy continued to invest in customer acquisition and store expansion. The company believes that Instamart's adjusted EBITDA losses peaked in Q2 FY27.The Inventory-Led Shift: The company is eyeing pivoting Instamart to an inventory-led model by mid-Q3 FY27, with the transition expected to take two to three quarters. This will uplift the vertical&rsquo;s contribution margin by 80 basis points once fully implemented while shortening the working capital cycle by 8-10 days.Food Delivery Leads Charts: Swiggy's food delivery business reported its highest-ever profits and margins in Q2 FY27, with revenue rising 22% YoY to ₹2,338 Cr and operating profit jumping 39% to ₹349 Cr. The company is also pushing into affordable meals through Toing, its standalone app, which it says has seen encouraging early adoption, with 2 out of 3 users being either new to Swiggy or long inactive on the platform.As Swiggy continues to scale its quick commerce operations and newer offerings such as Toing, here is a <a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/swiggy+q2+loss+narrows+16+yoy+to+922+cr+revenue+jumps+36-newsid-n731220362" >closer look at how the foodtech giant fared in Q2 FY27</a>.From The Editor's DeskCYBERSECURITY <img alt=" " rich-src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/6e/07/38/6e07380db23f60b5c28611eb12f99476fb037300142ebbbdf38e2254a4dedbea.webp" src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/6e/07/38/6e07380db23f60b5c28611eb12f99476fb037300142ebbbdf38e2254a4dedbea.webp" width="100%" stopImageLoad="false" style="padding:0 0%; margin:4px 0px;" ></img><a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/emudhra+to+exit+certificate+business+as+security+flaw+triggers+distrust-newsid-n731274719" >eMudhra To Exit Global Certificate Business </a><ul><li>eMudhra will voluntarily wind down its global SSL/TLS certificate business after a security flaw involving eight intermediate certificate authorities prompted Google and Mozilla to distrust its certificates, triggering fallout for its global TLS operations. </li><li>The company said it revoked the affected CAs within 14 hours, with no end-entity certificates issued by them and no data breach. It will transition existing customers to alternative providers free of charge over the next month.</li><li>The SSL/TLS business contributes around 1% of eMudhra's global revenue. The company plans to focus on core digital trust solutions, including AI and quantum computing.</li></ul><img alt=" " rich-src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/ed/7b/b4/ed7bb4afbc3a9aa84eb5911d49f980b2f2c2456766158dae87095739170a9c42.webp" src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/ed/7b/b4/ed7bb4afbc3a9aa84eb5911d49f980b2f2c2456766158dae87095739170a9c42.webp" width="100%" stopImageLoad="false" style="padding:0 0%; margin:4px 0px;" ></img> HEALTHTECH<img alt=" " rich-src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/35/6c/ba/356cbaf73b1793d3073c3f153e9b80e6e93793f7dca9e620094ca9abccc8f401.webp" src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/35/6c/ba/356cbaf73b1793d3073c3f153e9b80e6e93793f7dca9e620094ca9abccc8f401.webp" width="100%" stopImageLoad="false" style="padding:0 0%; margin:4px 0px;" ></img><ul><li>The healthtech startup has raised ₹100 Cr ($10.6 Mn) in a Pre-Series C round, with over ₹69 Cr in equity led by IvyCap Ventures and around ₹30 Cr in debt from Trifecta Capital, Alteria Capital and VentureSoul Partners.</li><li>The startup will use the funds to expand its geographical presence, strengthen its delivery network and invest in AI and technology capabilities.</li><li>Founded in 2021, CureBay connects patients in underserved areas with healthcare providers through rural clinics, community health workers and a digital platform linking them to doctors, hospitals, diagnostic labs and pharmacies.</li></ul><img alt=" " rich-src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/73/df/32/73df329c32ab9240fa04c650932b4cb7ee73154cade20779d7e245953b0eeb01.webp" src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/73/df/32/73df329c32ab9240fa04c650932b4cb7ee73154cade20779d7e245953b0eeb01.webp" width="100%" stopImageLoad="false" style="padding:0 0%; margin:4px 0px;" ></img> Electric Vehicle<a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/ola+electric+rights+issue+motilal+oswal+calliope+apply+for+239+cr+shares-newsid-n731244611" >Ola Electric Rights Issue Gets Moving</a><ul><li>Motilal Oswal Financial Services and Calliope Capital Advisors have applied for a combined 2.39 Cr shares in Ola Electric's ₹1,000 Cr rights issue against entitlements transferred by promoter group entities - ANI Technologies Pvt Ltd and Indus Trust.</li><li>The rights issue comprises up to 37.03 Cr partly paid-up shares priced at ₹27 apiece. Ola Electric plans to use ₹350 Cr to repay borrowings and ₹400 Cr for organic growth.</li><li>The fundraise follows Ola Electric's ₹780.24 Cr QIP in June, with ₹190.77 Cr of QIP proceeds and ₹139.21 Cr of IPO proceeds still unutilised as of September 20, 2026. The company's Q1 FY27 revenue fell 45% YoY to ₹455 Cr, while its net loss narrowed 22% to ₹336 Cr.</li></ul><img alt=" " rich-src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/14/50/7c/14507cfc799d2855cf0d49832541c4729eac707e256e73d3f83aa9d72a8bb123.webp" src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/14/50/7c/14507cfc799d2855cf0d49832541c4729eac707e256e73d3f83aa9d72a8bb123.webp" width="100%" stopImageLoad="false" style="padding:0 0%; margin:4px 0px;" ></img> Defence Tech<a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/tonbo+imaging+cofounders+rake+in+137+cr+from+ipo-newsid-n731236523" >Tonbo Imaging IPO: Founders Pocket ₹137 Cr</a><ul><li>Tonbo Imaging's cofounders and early investors sold shares worth hundreds of crores in the defence tech company's ₹852 Cr IPO, which closed with 136X subscription. The company is set to make its stock market debut today.</li><li>The three cofounders collectively pocketed ₹137.2 Cr through the offer for sale (OFS). CEO Arvind Lakshmikumar sold shares worth ₹80.5 Cr, while CBO Ankit Kumar and chief commercial officer Cecilia D'Souza offloaded shares worth ₹40.6 Cr and ₹16.1 Cr, respectively.</li><li>Related entities CEAQ Technologies and CEAQ Technologies Pte Ltd were the largest selling shareholders, offloading shares worth ₹350 Cr and ₹291 Cr, respectively. Early investor Artiman and promoter group entity Vinimaya Advisory LLP also sold shares in the IPO.</li></ul><img alt=" " rich-src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/81/9b/c0/819bc014b47155dcf02f579f114823affaecab4a19d0e0346a280037b5fd1728.webp" src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/81/9b/c0/819bc014b47155dcf02f579f114823affaecab4a19d0e0346a280037b5fd1728.webp" width="100%" stopImageLoad="false" style="padding:0 0%; margin:4px 0px;" ></img>Ecommerce<a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/bluestone+slips+into+44+cr+loss+in+q2+revenue+jumps+45+yoy-newsid-n731251885" >BlueStone Swings To ₹4.4 Cr Loss In Q2 </a><ul><li>BlueStone reported a consolidated net loss of ₹4.4 Cr in Q2 FY27, against a net profit of ₹6 Cr in Q1 FY27. Revenue rose 45% YoY to ₹745 Cr, while losses narrowed 92% YoY.</li><li>The jewellery retailer added 27 stores in Q2, taking its network to 379 stores across 146 cities. Its customer base grew 19.3% YoY to 10.24 Lakh.</li><li>BlueStone reported an adjusted PAT of ₹19.6 Cr and pre-IndAS EBITDA of ₹53.5 Cr. Repeat customers contributed 56.3% of quarterly revenue, while the company approved raising up to ₹300 Cr through NCDs to refinance debt and fund business requirements.</li></ul>Inc42 Markets<img alt=" " rich-src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/98/98/95/9898950d28cad7d06411e946b0470f66375df73f5a33e3838617f0eefae9ec15.webp" src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/98/98/95/9898950d28cad7d06411e946b0470f66375df73f5a33e3838617f0eefae9ec15.webp" width="100%" stopImageLoad="false" style="padding:0 0%; margin:4px 0px;" ></img>Building A Distinct Technology Stack For Electric Motorcycles?Building an electric motorcycle involves more than replacing a petrol engine with an electric motor. Manufacturers must engineer the powertrain, battery architecture and vehicle controls to deliver the performance riders expect. Bengaluru-based Magron Novus is developing its own technology stack to bring these elements together.Two-Wheel Ambition: Founded in 2022, Magron Novus is developing two electric motorcycle platforms - the C-20, designed for everyday riding, and the H-35, aimed at the performance segment. According to the company's published specifications, the C-20 features a 22.5 kW motor, while the H-35 packs a 35 kW motor.Under The Hood: The startup's proprietary technology stack includes the Apex Drive system, battery architecture and vehicle intelligence features. It is also developing wireless power transfer technology and a virtual assistant to enhance the charging and riding experience.A Growing Market: India's electric vehicle market is projected to reach $132.2 Bn by 2030, according to Inc42's India's Electric Vehicle Startup Landscape Report. Electric two-wheeler sales rose 12.2% month-on-month to 2.07 Lakh units in September, up from 1.84 Lakh units in August, reflecting the scale of the opportunity.As competition intensifies, <a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/manufacturing+startups+to+watch+5+startups+that+caught+our+eye+in+october-newsid-n731243378" >can Magron Novus turn its in-house technology into reliable, commercially viable electric motorcycles that stand out in India's two-wheeler market?</a><img alt=" " rich-src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/ac/3f/5b/ac3f5bc507daa8d6d4f3b908c1dfc9fa30a18943f2c8eefe451452825fc610f3.webp" src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/ac/3f/5b/ac3f5bc507daa8d6d4f3b908c1dfc9fa30a18943f2c8eefe451452825fc610f3.webp" width="100%" stopImageLoad="false" style="padding:0 0%; margin:4px 0px;" ></img>Infographic Of The DayIndia's startup IPO wave is gaining momentum, with fintech and ecommerce leading at 14 listed companies each, followed by enterprise tech at 13. Which sector will lead next? <img alt=" " rich-src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/72/b0/d2/72b0d27cb37a1d6380662025e6d8898a27ec53c2735db7f2f2cb10688e4a00fe.webp" src="https://assets-news-bcdn.dailyhunt.in/cmd/resize/#DH_EMB_IMG_REP#__DHQ_/fetchdata20/images/72/b0/d2/72b0d27cb37a1d6380662025e6d8898a27ec53c2735db7f2f2cb10688e4a00fe.webp" width="100%" stopImageLoad="false" style="padding:0 0%; margin:4px 0px;" ></img>

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Swiggy's Q2 Report Card, eMudhra To Exit Certificate Biz & More #DH_SHARE_URL# By Inc42 via Dailyhunt

Swiggy's Q2 Report Card, eMudhra To Exit Certificate Biz & More

https://inc42.com/buzz/swiggys-q2-report-card-emudhra-to-exit-certificate-biz-tonbos-founders-pocket-%e2%82%b9137-cr

Update | October 23, 2026, 18:07 ISTB2B manufacturing company Zetwerk's shares closed their debut session at ₹138.30 on the BSE, down 8.4% from the issue price of ₹151 and 13% from the listing price of ₹159. On the NSE, the stock closed at ₹138.25, down 8.4% from the issue price and 13.2% from the listing price of ₹159.25. The shares touched intraday highs of ₹160.50 on the BSE and ₹161 on the NSE, before falling to lows of ₹127.20 and ₹127.40, respectively.

<nh-chunk-delimit />At the BSE closing price, Zetwerk's market capitalisation stood at ₹23,431.54 Cr ($2.4 Bn). Original | October 23, 2026, 10:00 ISTB2B manufacturing company Zetwerk made its stock market debut at a 5.46% premium on the NSE at ₹159.25 against its issue price of ₹151. On the BSE, the shares listed at ₹159, up 5.3% from the issue price. The listing followed Zetwerk's ₹5,012.3 Cr IPO, which opened for subscription on October 15 and closed on October 19. The company had set a price band of ₹143-₹151 per share.Ahead of the public issue, Zetwerk raised ₹2,251.2 Cr from anchor investors by allotting 14.91 Cr equity shares at ₹151 apiece on October 14.The IPO comprised a fresh issue of ₹2,830 Cr and an offer for sale (OFS) of 14.45 Cr shares worth ₹2,182.3 Cr. At the issue price, Zetwerk's post-issue valuation stood at around ₹25,583 Cr.Zetwerk increased the fresh issue from the ₹2,600 Cr proposed in its updated draft red herring prospectus (UDRHP). The OFS component also rose 49.2% from around 9.7 Cr shares.Promoters and cofounders Amrit Pratik Acharya and Srinath Ramakkrushnan each offered to sell up to 1.42 Cr shares. Other selling shareholders included promoter group entity Creovate Innovation and funds associated with Peak XV Partners, Accel India, Lightspeed Venture Partners, and Kae Capital. Kae Capital Fund II and Kalysta Capital Fund II<a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/zetwerk+ipo+kae+capital+kalysta+bag+383x+returns+lightspeed+pockets+440+cr-newsid-n731252024" >bagged 38.3X returns on shares sold through the OFS</a>, pocketing ₹196.3 Cr and ₹63.3 Cr, respectively. Lightspeed's funds collectively received around ₹440 Cr, while Peak XV's funds realised ₹359.3 Cr from their share sales. Zetwerk has earmarked ₹2,160 Cr from the fresh issue to repay or prepay borrowings of the company and certain subsidiaries, with the remaining proceeds allocated to acquisitions and general corporate purposes.The company confidentially filed its draft IPO papers in March and submitted its UDRHP in August.Revenue Rises, Loss WidensZetwerk's operating revenue grew 40.4% to ₹15,913.3 Cr in FY26 from ₹11,331.9 Cr in the previous year. However, its net loss, including discontinued operations, widened to ₹1,606.2 Cr from ₹370.7 Cr in FY25.The FY26 loss included a ₹796.4 Cr exceptional charge linked to changes in share conversion ratios and a ₹453 Cr impairment charge in its discontinued civil infrastructure business.In Q1 FY27, operating revenue from continuing operations rose 55.4% to ₹4,117.9 Cr from ₹2,649.4 Cr. Its total net loss narrowed 46.4% to ₹733 Cr from ₹1,368.5 Cr in the year-ago quarter.Of the latest quarterly loss, ₹668.9 Cr came from discontinued operations, while continuing operations accounted for ₹64.1 Cr.Founded in 2018, Zetwerk operates a manufacturing platform serving businesses across industrial and consumer goods categories. It combines capacity from third-party suppliers and its own facilities to fulfil orders across renewable energy, consumer electronics, aerospace, defence, oil and gas, and industrial automation.Its customers include Siemens Gamesa, Acer India, boAt, NTPC Renewable Energy, CG Power and Industrial Solutions, and the Indian Air Force. As of June 30, 2026, Zetwerk operated 26 manufacturing facilities across India, the US, Germany, and Spain.The company entered the unicorn club in 2021 after raising $150 Mn. Before its IPO, it had raised over $900 Mn from investors including Peak XV Partners, Lightspeed Venture Partners, Accel India, Greenoaks Capital Partners, and D1 Capital Partners.

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[Update] Zetwerk Shares End Debut Session 8.4% Below Issue Price On BSE #DH_SHARE_URL# By Inc42 via Dailyhunt

[Update] Zetwerk Shares End Debut Session 8.4% Below Issue Price On BSE

https://inc42.com/buzz/zetwerk-makes-nse-debut-at-5-5-premium-after-%e2%82%b95012-cr-ipo

Over two months after attaining the IOCC (Indian-Owned and Controlled Company) tag, Swiggy announced that it will shortly commence transitioning its quick commerce business, Instamart, to an inventory-led model.

<nh-chunk-delimit />In its Q2 shareholders letter, the company announced that it will pivot Instamart to the inventory model by mid-Q3 FY27. The transition is expected to take 2-3 quarters to complete. Swiggy expects the transition to improve Instamart's working capital cycle by 8-10 days. &quot;As we have mentioned in our previous communications, this has the potential to add 80 bps to Instamart's contribution margin when fully rolled-out while giving us greater flexibility and control over assortment, pricing, availability and day-to-day operations,&quot; the company said.The inventory model will give Instamart greater control over product assortment, pricing, availability and day-to-day operations in comparison to its current model where Instamart operates as a marketplace hosting seller entities. Eternal's quick commerce arm Blinkit was the first to complete the inventory-led model pivot. The company has seen a significant improvement in its bottom line performance since then. Blinkit has emerged as the largest revenue contributor for Eternal, contributing ₹19,152 Cr to the company&rsquo;s total ₹24,138 Cr operating revenue for Q2 FY27.Swiggy has been bidding to undertake a similar transition for some time now. Its initial May 2026 special resolution to become an IOCC failed after receiving 72.36% of shareholder votes in favor, narrowly missing the required 75% thresholdIt managed to get shareholder approval to enable the transition <a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/swiggy+shareholders+vote+to+cap+foreign+ownership+at+495-newsid-n723760470" >earlier in August</a>. Today, the company said its domestic ownership has increased to over 58%.Instamart Margins Under PressureSwiggy's quick commerce margins further weakened in the September quarter (Q2 FY27). The quick commerce business reported a contribution margin of -1% of gross order value (GOV), compared with -0.2% in Q1 FY27 on the back of higher spending on pricing and customer retention.Instamart's adjusted EBITDA loss widened to ₹895 Cr in Q2 FY27 from ₹778 Cr in the preceding quarter. Its net order value rose 34.8% year-on-year to ₹6,594 Cr, while Swiggy added 69 net dark stores during the quarter, taking the network to 1,240 stores across 133 cities.&quot;Contribution margin was -1.0% of GOV within the range guided earlier, as we added 69 net stores, taking the network to 1,240 stores across 133 cities, and invested in differentiated assortment, availability and service quality,&quot; the management added.While Instamart NOV grew 13.4% sequentially to reach ₹6,594 Cr and orders were up 29.3% YoY to 130 Mn, the adjusted EBITDA loss rose to ₹895 Cr in the quarter. At the consolidated level, Swiggy's revenue from operations increased 36.1% YoY to ₹7,571 Cr in Q2 FY27. Its net loss narrowed 15.6% year-on-year to ₹922 Cr, but widened from ₹791 Cr in Q1 FY27.Shares of Swiggy ended today's trading session 5.01% lower at ₹211.30 apiece on the BSE.

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Swiggy To Begin Instamart Inventory Model Transition, Eyes Pivot Within Three Quarters #DH_SHARE_URL# By Inc42 via Dailyhunt

Swiggy To Begin Instamart Inventory Model Transition, Eyes Pivot Within Three Quarters

https://inc42.com/buzz/swiggy-to-begin-instamart-inventory-model-transition-eyes-pivot-within-three-quarters

Update | October 22, 19:35 ISTJio Platforms' ₹30,213 Cr IPO ended the second day of bidding with 5.57X subscription, receiving bids for 110.03 Cr shares against 19.75 Cr shares on offer, according to BSE data.

<nh-chunk-delimit />Qualified institutional buyers (QIBs) led demand, bidding for 65.15 Cr shares against 4.90 Cr shares reserved for the category, taking subscription to 13.29X. The non-institutional investor (NII) portion was subscribed 5.97X, with bids for 21.76 Cr shares. Within the NII category, the portion reserved for applications exceeding ₹10 Lakh was subscribed 6.76X, while the segment for applications above ₹2 Lakh and up to ₹10 Lakh was booked 4.38X. The retail portion was subscribed 1.54X, receiving bids for 13.11 Cr shares against 8.50 Cr shares reserved for the category.Meanwhile, the employee and shareholder portions were subscribed 2.10X and 4.05X, respectively.Original | October 22, 12:28 ISTReliance Industries' digital services arm Jio Platforms' IPO was subscribed 3.65X on the second day of bidding, with institutional investors leading demand and the retail portion crossing full subscription. Investors bid for 72.05 Cr shares against 19.75 Cr shares on offer as of 12:03 IST, according to BSE data. The qualified institutional buyers' (QIBs) portion was subscribed 9.42X, receiving bids for 46.16 Cr shares against an allocation of 4.91 Cr shares. Domestic financial institutions, including banks and insurance companies, accounted for 25.92 Cr shares, followed by foreign institutional investors at 16.18 Cr shares and mutual funds at 3.19 Cr shares. The non-institutional investors' (NIIs) portion was subscribed 2.85X, getting bids for 10.38 Cr shares against 3.64 Cr shares reserved for the category. Within this, the portion for bids exceeding ₹10 Lakh was subscribed 3.06X, while that for bids above ₹2 Lakh and up to ₹10 Lakh was booked 2.43X. Retail investors bid for 9.39 Cr shares against an allocation of 8.50 Cr shares, translating to 1.10X subscription. The employee and shareholder portions were subscribed 1.71X and 2.38X, respectively. On its first day of bidding yesterday, <a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/update+jio+platforms+ipo+closes+day+1+with+315x+subscription+qibs+lead+demand-newsid-n731069679" >the public issue was subscribed 3.15X</a>, driven by strong demand from institutional investors.India's Largest Public OfferingJio Platforms has set a price band of ₹1,065-₹1,119 per share for the IPO, which closes tomorrow. The ₹30,213 Cr (about $3.2 Bn) offering is set to surpass Hyundai Motor India's ₹27,870 Cr issue as India's largest IPO.At the upper end of the price band, Jio Platforms would be valued at around ₹10.3 Lakh Cr (about $108 Bn).Ahead of the public offering, the company raised ₹8,109.8 Cr from anchor investors, allotting 7.25 Cr shares at ₹1,119 apiece. Domestic mutual funds acquired around 2.48 Cr shares through 95 schemes, while insurance companies and pension funds picked up 97 Lakh shares. The anchor book also included Fidelity, Allianz, BlackRock, the Government of Singapore, Abu Dhabi Investment Authority, and Goldman Sachs. The IPO comprises a fresh issue of up to 27 Cr equity shares, with no offer-for-sale component. Jio plans to use ₹27,500 Cr of the proceeds to prepay certain borrowings of its telecom subsidiary, Reliance Jio Infocomm Ltd (RJIL), and deploy the remaining funds for general corporate purposes. The proposed repayment covers three external commercial borrowing facilities worth a combined ₹29,971 Cr, raised from a consortium of Indian and international lenders, including SBI, Bank of America and First Abu Dhabi Bank. The loans funded 5G infrastructure deployment and spectrum acquisition, with repayments scheduled between March and June 2028 and interest rates ranging from 1.40% to 5.13% per annum. The IPO comes as <a href="https://m.dailyhunt.in/news/india/english/inc42-epaper-inc/will+the+jio+platforms+ipo+live+up+to+its+billing-newsid-n730863933" >Jio expands beyond telecom connectivity</a> into fixed broadband, cloud services, enterprise solutions, and AI. RJIL had 533.3 Mn customers as of June 30, 2026, while its fixed broadband subscriber base stood at 28.6 Mn.Jio Platforms reported a 9.2% increase in consolidated net profit to ₹7,764 Cr in Q1 FY27 from ₹7,110 Cr a year earlier. Operating revenue rose 11.8% YoY and 2.4% QoQ to ₹39,173 Cr. For FY26, operating revenue rose nearly 15% YoY to ₹1.47 Lakh Cr, while net profit increased 15.1% YoY to ₹30,049 Cr.

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[Update] Jio Platforms IPO Ends Day 2 With 5.57X Subscription, QIBs Lead Demand #DH_SHARE_URL# By Inc42 via Dailyhunt

[Update] Jio Platforms IPO Ends Day 2 With 5.57X Subscription, QIBs Lead Demand

https://inc42.com/buzz/jio-platforms-ipo-subscribed-3-65x-on-day-2-so-far-retail-portion-fully-booked

Omnichannel jewellery retailer BlueStone slipped into the red in the second quarter of FY27, reporting a consolidated net loss of ₹4.4 Cr against a net profit of ₹6 Cr in the preceding quarter.

<nh-chunk-delimit /> However, its loss narrowed nearly 92% from ₹52.1 Cr in the year-ago quarter. Operating revenue rose 45% to ₹745 Cr from ₹513.6 Cr in Q2 FY26. On a sequential basis, revenue edged up 1.1% from ₹736.8 Cr.Including other income of ₹24.4 Cr, BlueStone's total income stood at ₹769.4 Cr during the September quarter.Total expenses increased 34% YoY and 3.7% QoQ to ₹772.4 Cr. BlueStone said its adjusted profit after tax for the quarter stood at ₹19.6 Cr as against an adjusted net loss of ₹26.8 Cr in the year-ago quarter. Its adjusted PAT increased by 42% QoQ. The company said Q2 FY27 was its fourth consecutive quarter of profitability, adding, &quot;Adjusted PAT shows how our operating performance is reaching the bottom line as the business scales &hellip; This demonstrates that the business scale and operating leverage we have spoken about in earlier commentary are now flowing through the bottom line.&quot; It reported ₹53.5 Cr in pre-IndAS EBITDA, a 234% YoY jump. However, its pre-IndAS EBITDA narrowed by around 2.3% on a sequential basis.&quot;Over the past year, a key focus area has been our entry-level price points, where gold price inflation had dislocated our offering. Our redesigned range is now taking more shelf space in our stores, and this quarter we saw early signs of that effort paying off: new customers contributed a larger share of revenue than in the previous quarter, and AOV moderated accordingly,&quot; the company observed in its commentary. Separately, the company's board approved raising up to ₹300 Cr through non-convertible debentures (NCDs) on a private placement basis, in one or more tranches. The proceeds will be used to refinance a portion of its existing debt and meet capital expenditure, working capital, and general corporate requirements. Store Network Expands FurtherBlueStone ended September with 379 stores across 146 cities, adding 27 stores over the past three months.All seven cities it entered during Q2 were in Tier II and III markets. It also called out its investment in its new 3,200 sq ft flagship store in Kolkata. The company noted that it had front-loaded its expansion ahead of the festival season, adding, &quot;While the opportunity remains large, we continue to expand in a calibrated way, both by entering new cities and by adding density in existing ones. We remain on track with our stated distribution objectives for the year.&quot;Its customer base crossed 1 Mn during the quarter, reaching 10.24 Lakh at September-end, up 19.3% YoY. Repeat customers contributed 56.3% of quarterly revenue, compared with 51.4% a year earlier.On a standalone basis, BlueStone's same-store sales grew 28% YoY during Q2, while operating revenue increased 43.9% to ₹738.1 Cr. Shares of BlueStone ended the day 2.78% higher at ₹760.45.

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BlueStone Slips Into ₹4.4 Cr Loss In Q2, Revenue Jumps 45% YoY #DH_SHARE_URL# By Inc42 via Dailyhunt

BlueStone Slips Into ₹4.4 Cr Loss In Q2, Revenue Jumps 45% YoY

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